New Peoples Bankshares, Inc. (NWPP): On August 28, 2015, New Peoples Bank, In...

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New Peoples Bankshares, Inc. (NWPP)

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Re: genlou post# 29

Saturday, 09/05/2015 8:24:30 AM

Saturday, September 05, 2015 8:24:30 AM

On August 28, 2015, New Peoples Bank, Inc. (the “Bank”), a wholly owned subsidiary of New Peoples Bankshares, Inc., recorded a recovery of $1.2 million from proceeds of a life insurance policy it had acquired in 2010 as part of a settlement with a former borrower on several defaulted loans. The insured party on the policy passed away earlier this year. The Bank had charged off these loans in 2008. Management is evaluating the impact the recovery may have on earnings.

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